Download CZSO world price index of raw materials and food 1

NEWS RELEASES
Czech Statistical Office, Na padesátém 81, 100 82 Praha 10
12 March 2004
Further improvement of terms of trade
Import and export price indices and world price indices of raw materials and food –
January, February 2004
Goods import and export price indices in the CR
January 2004
Month-on-month comparison:
-
Both import and export prices increased (+0.5% and 0.9%, respectively) and thus accelerated their
month-on-month growth in comparison with December. This increase of prices was influenced also
by the development of the Czech koruna exchange rate in relation to main foreign currencies. In
January, CZK/EUR rate depreciated by 1.3% (in December by 1.0%), which was compensated by
appreciation of CZK/USD rate only partly – by 1.4% in January (3.9% in December). Price
fluctuation in January is every year markedly influenced by newly agreed contractual prices
between economic subjects. In many cases, these prices remain in force all year round.
Imports: Prices of ‘manufactured goods classified chiefly by material’ increased most (+1.4%, ‘nonferrous metals’ particularly). This exercised the chief impact on the increase of the total index of
import prices. Price growth of ‘machinery and transport equipment’ affected the total index of import
prices significantly, too. Their prices increased in January the same as in December by 0.3%
(‘power generating machinery and equipment’ in particular). The largest decrease was recorded for
‘mineral fuels, lubricant and related materials’ (-1.1%, especially ‘gas, natural and manufactured’).
Exports: Prices increased in all measured groups. The highest price growth was recorded by the
CZSO for ‘mineral fuels, lubricant and related materials’ (4.6%, ‘coal, coke and briquettes’ in
particular). Price growth of ‘machinery and transport equipment’ and ‘manufactured goods
classified chiefly by material’ affected the increase of the total export price index most significantly
(more than a half).
-
Terms of trade reached 100.4%, which was the best value since April 2003. The highest value was
for ‘mineral fuels, lubricant and related materials’ (105.8%). Terms of trade of ‘machinery and
transport equipment’ reached favourable value of 100.3% and in comparison with the last month
were higher by 0.3 percentage point. Unfavourable terms of trade were, strictly speaking, only in
‘manufactured goods classified chiefly by material’ (99.5%).
Year-on-year comparison:
-
Import prices decreased in January the same as in December by 0.3%. Prices of ‘mineral fuels,
lubricant and related materials’ markedly decreased the second successive month, this time by
10.7% (especially in ‘petroleum, petroleum products and related materials’). Prices of ‘mineral
fuels, lubricant and related materials’ exercised the chief impact on the drop of the total index of
import prices. Prices of ‘machinery and transport equipment’ decreased (–0.6%, mainly office
machines and automatic data-processing machines). On the contrary, the highest growth of import
prices was recorded for ‘crude materials, inedible, except fuels’ and ‘manufactured goods classified
chiefly by material’ (+4.2% and +3.5%, respectively).
-
Export prices continued in their growth, which started in April 2003; their January 2004 rise was
2.1%, which was by 0.7 percentage point more than in December. The most significant price
growth was for ‘mineral fuels, lubricant and related materials’ (+7.9%, especially in gas, electric
current and coal). The rise in prices of ‘machinery and transport equipment’ (+2.0%, mainly office
Contact: Ing. J. Bondyová, tel: +420 604 210 655, e-mail: [email protected]
Are you interested in the latest data connected with inflation, GDP, population, wages in industry and much more?
You can find them on pages of the Czech Statistical Office on the Internet: www.czso.cz
-1-
NEWS RELEASES
Czech Statistical Office, Na padesátém 81, 100 82 Praha 10
machines and automatic data-processing machines) had the dominant impact on the increase of
the total index of export prices. Only beverages and tobacco prices decreased (-8.1%).
-
Terms of trade reached the value of 102.4%. It is the best result since June 2002 when terms of
trade reached 103.1%. They were highest in January 2004 in ‘mineral fuels, lubricants and related
materials’ (120.8%). Long-term favourable figures were also recorded for ‘machinery and transport
equipment’ and ‘miscellaneous manufactured articles’ (102.6% and 102.1%, respectively). The
terms of trade value in ‘machinery and transport equipment’ increased by 0.4 percentage point in
comparison with December of last year. Unfavourable terms of trade were in the most significant
items in terms of weight in ‘crude materials, inedible, except fuels’ and ‘manufactured goods
classified chiefly by material’ (97.4% and 98.6%, respectively).
CZSO world price index of raw materials and food 1)
February 2004
Month-on-month comparison:
-
The world prices covered by the index increased only minimally - by 0.1% in total as prices of
petroleum and gas, the two main commodities measured, changed only a bit. The price of natural
gas increased by 0.5%, price of petroleum Brent decreased by 0.9%. The price of petroleum
slightly fell due to growth of petroleum supplies and moderation of cold weather in the USA and
also due to reopening of the port in Persian Gulf. Decision of the Oil and Energy Ministers of the
OPEC Members concerning reduction of petroleum extraction by one million barrels a day since
April together with immediate prohibition of over limit oil extraction 1.5 million barrels began to
show only in the second half of February and did not have a big influence on monthly average of
petroleum price, yet. Prices of the majority of the other commodities measured were raising, metals
(+5.7%) in particular. Mainly prices of non-ferrous metals increased, in which high Asian demand is
reflected as well as a delay in investment planning of mining companies causing an increase of
production. Only prices of textile raw materials and leather decreased.
Year-on-year comparison:
-
The world prices were 2.1% up in total, which was the lowest y-o-y growth since September 2002.
This was caused by a rather small fluctuation of petroleum and gas prices, which, moreover,
moved in opposite direction for the two main commodities measured. Price of natural gas
increased y-o-y by 6.0%, petroleum Brent fell by 5.5%. The above-mentioned m-o-m drop as well
as a high level of petroleum price a year ago, when the price due to approaching war in Iraq,
decline in oil supplies and slow restoration after the strike in Venezuela reached a twelve-year
maximum, all that affected the y-o-y decrease of petroleum prices. The prices of metals increased
by 32.9% in total, which was by 4 percentage points more than in January. Besides the abovementioned reasons of price growth of non-ferrous metals also fast growth of platinum prices has to
be mentioned, which is related to more frequent use in motorcar industry due to tight emission
standards. The growth of gold prices is connected with weak US dollar. Prices of majority of other
measured commodities were growing, too; prices of food and leather decreased in total.
1)
The world prices follow actual prices in terms of original currencies read at commodity exchanges and indicate
in advance the nature of the future development of Czech import and export prices of industrial raw materials
and food.
Note
Contact:
Data source:
End of data collection:
Jiří Choun, tel. (+420) 266 107 781, e-mail: [email protected]
CZSO survey
Last calendar day of the month
Contact: Ing. J. Bondyová, tel: +420 604 210 655, e-mail: [email protected]
Are you interested in the latest data connected with inflation, GDP, population, wages in industry and much more?
You can find them on pages of the Czech Statistical Office on the Internet: www.czso.cz
-2-
NEWS RELEASES
Czech Statistical Office, Na padesátém 81, 100 82 Praha 10
End of data processing:
Import and export price indices: 40th calendar day following the end of reference
month
CZSO world price indices: 10th calendar day following the end of reference month
Related publications:
7201-04 Import and Export Price Indices in the Czech Republic
7202-04 CZSO World Price Indices of Industrial Raw Materials and Food
http:// www.czso.cz
The released data are definitive.
Contact: Ing. J. Bondyová, tel: +420 604 210 655, e-mail: [email protected]
Are you interested in the latest data connected with inflation, GDP, population, wages in industry and much more?
You can find them on pages of the Czech Statistical Office on the Internet: www.czso.cz
-3-